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Ardian raises $19bn for the world's biggest private equity secondaries fund

Wednesday, June 03, 2020

Laxman Pai, Opalesque Asia:

Paris-based asset manager Ardian raised $19 billion for one of the largest capital pools ever amassed to buy secondhand stakes in private-equity funds.

The pool includes a $14 billion fund from insurance companies, pension funds, sovereign wealth funds, and wealthy individuals and another $5 billion available from investors to co-invest in deals alongside the fund, said the private investment house.

The ASF VIII attracted 275 institutional investors from 40 countries, it added. Institutions are understood to account for about 88 percent of funds, and the balance comprises family offices and high net worth individuals.

Investors include California State Teachers' Retirement System, West Sacramento; Florida State Board of Administration, Tallahassee; Pennsylvania State Employees' Retirement System, Harrisburg; and Oklahoma Firefighters Pension & Retirement System, Oklahoma City.

"The fundraise highlights how the secondaries market has matured to become an important source of liquidity for investors, including insurance companies, pension funds, and family offices, as they look to re-balance private equity portfolios and seek yield opportunities for savers amid the global COVID-19 pandemic," the release said.

In 2016 the firm attracted US$14 billion for its seventh-generation platform.

Ardian manages a total of about US$96 billion. Of this, around US$53 billion is in the fund of funds assets, covering both primary and se......................

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